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Find a Wokingham Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Wokingham? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Wokingham transaction at risk of delay or failure.

Only LenderPanel.com provides a subset of authorised Wokingham conveyancers for over 130 lenders.


Recently asked questions about conveyancing in Wokingham

Me and my partner are buying a 3 bedroom apartment in Wokingham with a mortgage. We wish to retain our Wokingham conveyancer, however the bank advise he's not on their "panel". We have to appoint one of the lender panel firms or keep our Wokingham property lawyer and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?

Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Wokingham conveyancing lawyer to apply to be on the conveyancing panel.

About to place an offer on a leasehold apartment in Wokingham. The property agents assure me that it is usual for flats in Wokingham to have less than 75 years remaining. I am taking out a mortgage with Nationwide Building Society. Will the property be mortgageable given that the lease has 70 years to go.

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 4/8/2021 the requirements read as follows :

- Our minimum unexpired lease term is 55 years.
- There must be at least 30 years remaining at the end of the mortgage term (regardless of the length of lease at the start).

Where the unexpired lease term is different to that recorded on the mortgage offer, the following clarifies if we need to be informed:

Second hand property:
- If the unexpired lease term on the offer is 85 years or more - only advise us if the actual lease term is less than 85 years
- if the unexpired lease term on the offer is less than 85 years – advise us if the actual lease term is different than reported
- For equity share applications - advise us if the actual lease term is different than reported on the offer

New build property:
- If the unexpired lease term stated on the offer is 125 years (flat) / 250 years (house) or more - only advise us if the actual lease term is less than 125 years (flat) / 250 years (house)
- For equity share applications - always advise us if the actual lease term is different than reported on the offer

Lease terms such as ground rent and event fees must be reasonable at all times during the term of the lease and adhere to our requirements below. If you’re unsure as to whether the terms of a lease are unreasonable or onerous, please refer the details to us in plain English for Valuer consideration. If the potentially onerous terms are in relation to the ground rent please include the current ground rent figure per annum, how often it will be reviewed and the price structure it will be reviewed against. See the guidance below.

SECOND HAND PROPERTIES

Unacceptable - advise Issuing Office (Will be declined):
- Unexpired lease term less than 55 years
- Less than 30 years remaining at the end of the mortgage term
- Ground Rent greater than 0.5% of the property value
- Ground Rent doubles less than every 20 years (e.g. doubles every 5, 10 or 15 years) - acceptable if doubles every 20 years or more
- Ground Rent is compounded RPI
- Ground Rent review period is less than or equal to 5 years

Refer to Issuing Office (Valuer will consider any impact on valuation figure and marketability):
- Unexpired lease term is 55 to 85 years
- Ground Rent greater than 0.1% and less than or equal to 0.5% of the property value
- Ground Rent escalation is linked to any indices greater than RPI
- Ground Rent escalation is linked to the value of the building*
- Ground Rent review period is greater than 5 and less than 10 years
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial, etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 0.5% of property value p/a (please provide details of what the charges cover)
- Anything that appears onerous, unusual or out of the ordinary

Acceptable (no requirement to advise Issuing Office):
- Unexpired lease term greater than 85 years
- Ground Rent less than or equal to 0.1% of the property value
- Ground Rent review period greater than or equal to 10 years
- Ground Rent escalation less than or equal to RPI

NEW BUILD PROPERTIES (includes office conversions)

Unacceptable - advise Issuing Office (Will be declined)
- Unexpired lease term less than 125 years on a new build flat or less than 250 years on a new build house (does not apply to Shared Ownership)
- Starting Ground Rent greater than 0.1% of the property value
- Ground Rent review period less than or equal to every 5 years
- Ground Rent doubles less than every 20 years (e.g. doubles every 5, 10 or 15 years) - acceptable if doubles every 20 years or more
- Ground Rent is compounded RPI

Refer to Issuing Office (Valuer will consider any impact on valuation figure and marketability):
- Ground Rent is linked to any indices greater than RPI
- Ground Rent is linked to the value of the building*
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 0.5% of property value p/a (please provide details of what the charges cover)
- Anything else appears onerous, unusual or out of the ordinary

Acceptable (no requirement to advise Issuing Office):
- Unexpired lease term greater than or equal to 125 years on a new build flat or greater than or equal to 250 years on a new build house
- Starting Ground Rent less than or equal to 0.1% of the property value
- Ground Rent review period greater than 5 years
- Ground Rent escalation less than or equal to RPI

* Where the Ground Rent escalation is linked to the value of the building, please provide the following:
- How is the value of the block/unit currently calculated and if the assessment relates to the block(s), how is the Ground Rent calculated/apportioned per property?
- The current valuation and Ground Rent for each unit
- What is the mechanism for future valuations of the block and how is the Ground Rent calculated/apportioned?
- What is the right of appeal? And is this a documented process within the lease?
- Who bears the cost of the valuation (and appeal) process?
- Confirmation the review period is not less than twenty years.

Me and my partner are purchasing a apartment in Wokingham. I might seem paranoid but how we can trust a solicitor? On completion day we will need to put funds into their account. What protection do we have from them run away with our deposit?

Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.

is it true that all Wokingham solicitor firms on the TSB conveyancing panel are governed by the Solicitors Regulatory Authority?

As solicitors, in order to be on the TSB conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Some banks do permit licenced conveyancers on their panel and in that case the firms would be overseen by the CLC.

We have agreed to purchase a house in Wokingham. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Yorkshire BS be concerned?

As you are obtaining a mortgage with Yorkshire BS your lawyer must follow the formal requirements set out in Section two of UK Finance Lenders’ Handbook for Yorkshire BS. The CML Handbook sets out minimum conditions for solar panel roof-space leases, and conveyancers are required to report to Yorkshire BS where a lease fails to comply with these provisions. The specifications relate to the installation of panels on properties nationwide and is not limited to Wokingham.

I am a sole trader looking to lease a unit on a shopping parade. Can you recommend solicitors offering fixed costs for non-domestic conveyancing in Wokingham for less than £2000?

We can recommend firms who have an in-depth of experience of commercial conveyancing in Wokingham, including the disposal and purchase of businesses as well as simply property. If you are intending to acquire or sell a shop, pub, restaurant, office, retail premises or a complete business we will find you the right firm. As for the costs this will depend on the structure and nuances of the proposed transaction. Let us have your details or phone so as to enable us to furnish you with comprehensive commercial conveyancing calculation.

Do online conveyancing organisations do everything a local Wokingham solicitor does or must I employ a solicitor for the final stages for my conveyancing in Wokingham?

Where you use an online conveyancer they should cover all the things your Wokingham solicitor would cover.

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